WorksheetsEntrepreneurship Chapter 2 Quiz
Total questions: 35
Worksheet time: 18mins
To succeed as an entrepreneur, you will need to develop which skills?
Writing
Speaking
Listening
All of these
Good business writing includes the following standards except:
Clear
Concise
Threatening
Positive
Basic rules in writing business letters include all of the following except:
Use fancy language
Always date your business letters
Be polite
Spell out all names correctly
When speaking on the phone, you should do all of the following except:
Speak clearly
Interrupt when you have something important to say
Always speak politely
Take notes
When meeting with customers or suppliers, you should never:
Shake hands and make eye contact
Show an interest in what they are saying
Rush to finish so you can meet someone else
Thank the person at the end of the meeting
To improve your listening skills, you should do all of the following except:
Focus your attention on the person speaking
Interrupt when you don't understand something
Take notes
Think about and try to understand what the person is saying
The amount of money borrowed in a loan is called
Interest
Principal
Term
None of these
The amount added to the cost price to determine the sales price is called
Mark down
Interest
Discount
Mark up
The amount deducted from the retail price to determine the sales price
Principal
Mark down
Rate of Interest
None of these
The first step in the Problem-Solving Model is
Gather Information
Take Action
Define the problem
Evaluate the action
The final step in the Problem-Solving Model is
Define the Problem
Evaluate the Action
Take Action
Identify various solutions
What is an agreement among a group of people called
Consensus
Brainstorming
Evaluation
None of these
What is a reduction in the retail or wholesale price of a product or service called
Markup
Discount
Markdown
Interest
Consensus building can be used to do all the following EXCEPT
Prevent Conflicts
Resolve Conflicts
Causes hostility
Build trust
How much profit did a company earn if total sales are $315,000 and Expenses are $235,000?
$59,000
$80,000
$69,000
$49,000
If your company averaged a profit of $1250 per month, how much profit did it make in the past year?
$650
$7,800
$12,000
$15,000
Your company averaged 19 sales in January, 11 sales in February, 15 sales in March, and 19 sales in April. How many sales did it average over the past 4 months?
15
16
13
12
The price of a purchase is $50 and the sales tax rate is 9%. How much is the total price of the product?
$50
$75.50
$62.50
$54.50
If January sales were $40,000 and February sales were $50,000. What was the growth rate from January to February?
25%
10%
15%
20%
If the Loan amount is $150,000 and the Interest Rate is 8%. What is the total interest paid for 5 years?
$80,000
$70,000
$60,000
$50,000
If you marked up a product that was selling for $30 by 25%, how much would the product sell for now?
$35.50
$35.00
$37.50
$55.00
If you marked down a product that sold for $22.50 by 12%, what would the new price be?
$19.80
$16.75
$21.50
$5
If you gave your workers an employee discount of 15% off everything. How much would they pay if their bill was $75.00?
$86.25
$63.75
$73.87
$75
The 3 lessons in this chapter were all of the following EXCEPT
Communication Skills
Problem-Solving Skills
Math Skills
Economic Skills
A creative group problem-solving technique that involves generating a large number of fresh ideas.
Concensus
Evaluation
Brainstorming
Critical Thinking
The goal of consensus building is to ?
Build trust among employees
Bring together different groups
Resolving a problem together
All of these
The number of years for which a loan is extended
Principal
Term
Interest
Markup
The amount charged for borrowing money
Term
Principal
Rate of interest
Interest
Which is a more important communication skill for entrepreneurs?
Listening
Speaking
Hearing
None of these
Appropriate closings to a business letter include
Sincerely
Sincerely yours
Cordially
All of these
A short written form of communication that has a set format is a?
Note
Business Letter
Memorandum
None of these
Purchase orders are used whenever goods and services are sold
False
True
The amount of sales tax on a good is subtracted from the sales price
True
False
The most common form of business writing is
Memorandum
Business Letter
Interoffice Memo
None of these
The basic skills of adding, subtracting, multiplying and dividing are important in business
True
False
